Fundera, the online credit marketplace for small businesses, has announced a $11.5m Series B funding round led by Susquehanna Growth Equity, plus with participation from existing investors. This brings the company’s total funding to date up to $15 million. Jared Hecht, Fundera's CEO, also sits down with AlleyWatch to discuss the small business loan landscape, the recent funding, and the future of this fintech startup that is transforming small business lending.
How is it different? The alternative to Fundera is to use an offline loan broker. Unfortunately, almost all loan brokers will direct their customers to lenders where the broker makes the most amount of money, not the products that are best for their customers. Fundera is the first online marketplace designed to disrupt the loan broker status-quo and make the process of getting a small business loan as transparent, fair, and accountable as possible. What market you are targeting and how big is it? We believe that with the expansion of online lenders we are tackling a market with annual revenue potential of up to $15 billion.